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Home My WebLink About95- Cottonwoods Apartments IMPROVEMENTS AGREEMENT FOR COTTONWOODS APARTMENTS 1801 WEST OLIVE STREET THIS AGREEMENT is made and entered into this�_ rd/th day of May, 1995, by and between Marianne and Steve Liebmann, P.O. Box 306, Bozeman, MT 59715, hereinafter called the "Developer", and the City of Bozeman, a Municipal Corporation of the State of Montana, hereinafter called the "City". WHEREAS, it is the intent of the Developer to obtain Final Site Plan approval to allow for the construction of twenty-two residential apartments and associated improvements including parking and landscaping. WHEREAS, it is the intent and purpose of both the Developer and the City to hereby enter into an Agreement which will guarantee the full and satisfactory completion of the required improvements on the property hereinafter described; and it is the intent of this Agreement, and of the parties hereto, to satisfy the improvements guarantee requirements for the conditional approval of said Major Site Plan, NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, it is hereby agreed as follows: 1. Property Description This Agreement pertains to and includes property which is designated and identified as a tract of land located in the West 1/2, NW 1/4, SW 1/4, Section 12, T2S, R5E, PMM and is more commonly known as 1801 West Olive Street, Bozeman, MT 59715. 2. Improvements This Agreement specifically includes improvements as illustrated on the Final Site Plan filed at the City-County Planning Office in file #Z-94124. The estimated cost of said improvements is attached and made a part of this Agreement, as "Exhibit A". 3. Financial Guarantee Time for Completion of Improvements If occupancy of the structures is to occur prior to the installation of all required 1 improvements, the Improvements Agreement must be secured by a financial guarantee, as may be deemed acceptable by the City, payable to the City of Bozeman, in an amount equal to one and one-half times the estimated cost of the installation of any required improvements not completed at that time. Said method of security shall be deemed acceptable by the City and may include one or more of the following: Letter of Credit Issued by an Accredited Financial Institution, Cashier's Check or Certificate of Deposit. Said method of security shall be valid for a period of not less than eighteen (18) months. In any event, all required improvements shall be completed within nine (9) months of occupancy to avoid default on the method of security. 4. Inspection Representatives of the City shall have the right to enter upon the property at any reasonable time in order to inspect it and to determine if the Developer is in compliance with this Agreement, and the Developer shall permit the City and its representatives to enter upon and inspect the property at any reasonable time. 5. Default Time is of the essence of this Agreement. If the Developer shall default in or fail to fully perform any of its obligations in conformance with the time schedule under this Agreement, and any such default or failure shall continue for a period of thirty (30) days after written notice specifying the default is deposited in the United States mail addressed to the developer at P.O. Box 306, Bozeman, MT 59715, or such other address as the developer shall provide to the City from time to time, without being completely remedied, satisfied, and discharged, the City may elect to enforce any of the following specified remedies: A) The City may, at its option, declare the financial guarantee to be forfeited and secure the complete construction and inspection of the improvements described herein. 1. The City's representative, contractors, and engineers shall have the right to enter upon the property and perform such work and inspection, and the Developer shall permit and secure any additional permission required to enable to do so. 2 B) The City may enforce any other remedy provided by law. 6. Warranty The Developer shall warrant against defects in these improvements for a period of one year from the date of their written acceptance by the Governing Body. Any required landscaping must be maintained in a healthy, growing condition at all times. Any plant that dies must be replaced with another living plant that complies with the approved landscape plan. 7. Governing Law This Agreement shall be construed according to the laws of the State of Montana. 8. Modifications or Alterations No modifications or amendment of this Agreement shall be valid, unless evidenced in writing signed by the parties hereto. 9. Invalid Provision The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 10. No Assi nment It is expressly agreed that the Developer shall not assign this Agreement in whole, or in part, without prior written consent from the City. 11. Successors Except as provided in paragraph 10, this Agreement shall be binding upon, enure to the benefit of, and be enforceable by the parties hereto and their respective heirs, successors and assigns. J Steve Liebmann BY: - Marianne Liebmann �u�L � STATE OF MONTANA ) BY: t1 :ss County of ) On this day of May, 1995, before me, a Notary Public for the State of Montana, personally appeared Marianne and Steve Liebmann, known to me to be the persons whose names are subscribed to the above instrument and acknowledged to me that they executed the same. 3 IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year first above written. Notary Public for the State of Montana Residing at Bozeman l Commission Expires: ( CITY OF BOZEMAN BY: �' f STATE OF MONTANA ) :ss County of ) On this � � day of May, 1995, before me, a Notary Public for the State of Montana, personally appeared Phillip J. Forbes, known to me to be the person described in and who executed the foregoing instrument as Director of Public Service of the City of Bozeman, whose name is subscribed to the within instrument and acknowledged to me that he executed the same for and on behalf of said City. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal on the day and ear first written above. "Notary Public for the State of Montana Residing at Bozeman Commission Expires: 4 "EXHIBIT A" ESTIMATED COST OF IMPROVEMENTS COTTONWOODS APARTMENTS 1801 W. OLIVE STREET PROJECT: #Z94124 MAJOR SITE PLAN TO ALLOW FOR THE CONSTRUCTION OF A NEW APARTMENT COMPLEX AND ASSOCIATED IMPROVEMENTS. DEVELOPER: MARIANNE & STEVE LIEBMANN ITEM SQ.FT./LN.FT./QNTY. COST/UNIT EST COST. Asphalt paving 19,848 sq. ft. $ 1.25/sq.ft. $ 24,810.00 Concrete flat work 2,024 sq. ft. $ 2.50/sq.ft. $ 5,060.00 Landscaping: Blue Spruce 4 $ 75.00/ea. $ 300.00 Doug Fir 2 $ 75.00/ea. $ 150.00 Mountain Ash 4 $ 225.00/ea. $ 900.00 Norway Maple 7 $ 165.00/ea. $ 1,155.00 Radiant Crab 9 $ 165.00/ea. $ 1,485.00 Rocky Mt. Maple 16 $ 65.00/ea. $ 1,040.00 Russian Olive 2 $ 195.00./ea $ 390.00 Quaking Aspen 9 $ 49.00/ea. $ 441.00 Misc. shrubs 132 $ 25.00/ea. $ 3,300.00 Installation of trees and shrubs (50% cost of plants) $ 4,580.50 (grading, sod, irrigation) 36,510 sq. ft. $ 0.21/sq. ft. $ 7,667.10 Signs (Disabled) 2 $ 25.00/ea. $ 50.00 6" Concrete Curb 1,275 ln. ft. $ 10.00/ft. $ 12,750.00 Garbage Enclosure 1 $ 250.00/ea. $ 250.00 Bike Rack 1 $ 130.00/ea. $ 130.00 TOTAL ESTIMATED COST $ 64,458.60 x 1.5 = $ 96,687.90